Start your planning journey with these resources.
At Federal Retirement Strategies, we know how to help you start planning.
Here, you’ll find a variety of calculators and articles to help you plan and estimate your retirement income. As always, reach out to us if you have any concerns or questions — we’re here for you every step of the way and want to be a resource for you!
There’s so much to federal retirement. Here are some things you might need to consider.
Retiring from a federal job can seem complicated.
Sometimes federal retirement benefits sound like a medical exam: TSP, CSRS, FERS, FEGLI. Are those retirement benefits or viruses that have the CDC on lockdown? Well, all joking aside, we know the answer.
Do you know much about Social Security benefits?
Everyone gets Social Security benefits. Not everyone understands it. But it’s important you know how your government defined benefit pension plan might affect your Social Security benefit. For example, for some federal retirement savings plans, your Social Security benefit could be reduced. The amount of the reduction depends on a few factors like your length of service and your earnings. A detailed analysis with a financial professional could help you better understand personal retirement income situation.
Are you part of FERS or CSRS?
You need to know if you’re part of the Civil Service Retirement System (CSRS) or the Federal Employee Retirement System (FERS). If you started your position on or after January 1, 1984, you’re probably part of FERS — unless you started in a job before that date, left your federal job, and then returned to it after 1/1/’84. In that case, you might be “Civil Service Offset” or “Retirement 5.” Yeah, it seems complicated. But we can probably help. We know a lot about these designations and what they could mean for your retirement income plan.
Do you have a Thrift Savings Plan (TSP)?
Retirement planning can be tricky. Part of planning means deciding what to do with your Thrift Savings Plan (TSP). Did you know the following about your TSP?
In 1986, when the TSP option was established, it was decided that both CSRS and FERS employees could participate.
This is essentially the federal version of a 401(k) plan.
FERS participants are matched 100% on the first 3% of their pay that is contributed and 50% on the next 2% of their pay.
FERS also contributes 1% automatically for their participants.
CSRS employees could participate in the plan, but their contributions are not matched.
However, if you’re over 50 years old, and in either CSRS or FERS, you’re allowed to contribute to the TSP at a higher rate.
Nothing’s certain except, well, you know.
You might think you’re done with taxes in retirement, but they’re not done with you. Ben Franklin’s old saying about “death and taxes” remains as true today as it ever was. What does that really mean for your retirement income, though? We can help answer some of your questions. How will the IRS tax your Social Security income or income from you Thrift Savings Plan (TSP)? These are things you should be thinking about as you plan for the retirement you deserve.
Federal Retirement Strategies is not affiliated with any government agency.
Licensed Insurance Professional. We are an independent financial services firm helping individuals create retirement strategies using a variety of investment and insurance products to custom suit their needs and objectives. Investing involves risk, including the loss of principal. No Investment strategy can guarantee a profit or protect against loss in a period of declining values. Any references to protection or lifetime income refer to fixed insurance products, never securities or investment products. Insurance and annuity products are backed by the financial strength and claims-paying ability of the issuing insurance company.
The information is not intended to be investment, legal or tax advice. The agent can provide information, but not advice related to social security benefits. The agent may be able to identify potential retirement income gaps and may introduce insurance products, such as an annuity, as a potential solution. For more information, contact the Social Security Administration office, or visit www.ssa.gov. Annuity guarantees rely on the financial strength and claims-paying ability of the issuing insurer. Any references to protection benefits or lifetime income generally refer to fixed insurance products. They do not refer, in any way to securities or investment advisory products or services. Fixed Insurance and Annuity product guarantees are subject to the claims‐paying ability of the issuing company and are not offered by Federal Retirement Strategies.